The average millennial may not think twice to spend money on designer shoes and wearables, but that does not mean they are not saving for a rainy day either. And several studies show their proclivity to insurance products.
The Indian millennial consumer base is a force to be reckoned with, comprising nearly 440 million individuals – approximately 34 percent of the country’s population and 46 percent of its workforce. Brands and marketers are constantly attempting to figure out what makes these young consumers tick, scrutinising their online behaviour and purchase habits at each stage. This cohort is a particularly lucrative segment for financial service providers, given their longer consumption horizon and relatively higher appetite for risk as compared to preceding generations.